Mivac has appointed Rosenlund Contractors to demolish the flood-ravaged Toombul Shopping Centre and ready the almost-10ha site for redevelopment.
February will be a busy month at the site with the bulldozers set to start the 12-month process at 1015 Sandgate Road, Nundah, on Brisbane’s northside.
The Queensland Police Service also notified residents of an increased presence at the site during a training exercise at the centre due to take place in the middle of next month.
It follows the installation of a new communications tower in the car park by Waveconn and Telstra.
Questions over the best course of action for the site were discussed in December during a court battle for $10 million in compensation.
Kmart Australia Limited alleged Mirvac was in breach of its lease by not using an undisclosed insurance payout to repair or rebuild the centre, resulting in the loss of profit.
Mirvac spent about $233 million to buy Toombul Shopping Centre in 2016 and outlaid a further $35 million for upgrades in 2019 before floodwaters swept through the centre in February, 2022.
In August, Mirvac released its annual report which listed the Toombul asset within its commercial and mixed-use projects.
“Toombul, Brisbane: progressed master planning for the future use of the site, with a development application for the demolition of this site lodged in April this year [2023],” the report said.
While the asset dropped in value from its $295 million pre-pandemic valuation, in the past 12 months it gained $5 million on the books landing at $95 million in 2023.
The demolition of buildings on the 99,850sq m were approved in July 2023 and the community was eager for Mirvac to “get crackin” on the development.
A plan for the future of the site is yet to be submitted however Prax Studio created a proposed vision independently of Mirvac in 2022.
In these plans it showed the potential for “super green” development included increased retail space of 48,000sq m, 28,000sq m of commercial incubator and coworking space, 31,500sq m of residential space and 50,000sq m of landscaped space.
